| Summary: | 碩士 === 長榮大學 === 經營管理研究所 === 94 === In this research, that whether the reward of directors and supervisors or the allocation for employees’ bonus would impact the industries’ operating performance is discussed. Namely, the discussion is on whether the reward of directors and supervisors as well as the allocation of employees’ bonus will improve the operating performance of enterprises and their connection between each other is also discussed.
The purpose of this research is to probe into the influence the allocation for the directors and supervisors’ rewards and that for the employees’ bonus has on the operating performance. Whether the issue of cash dividend and stock dividend would influence the enterprises’ performance is also included in the discussion.
The subjects of study are all the listed companies in Taiwan. The financial and accounting information between 1999 and 2003 of all these listed companies were gathered. The statistic analysis, correlation and regression analysis were conducted by using variables, the ratio of directors and supervisors’ awards in the previous year, the ratio of employees’ dividend in terms of book value, market value, and the ratio of the employees’ stock dividend in terms of market value to the total market value. The rates of return is taken as the index of accounting performance; the ratio of the market value to book value of the company is taken as the index of market performance, and the rates of return on stocks is taken as the agent variable of investors’ rewards. The results of the research are as follow.
（A）The influence of the rate of directors and supervisors’ awards of the surplus has on the operating performance.
The influence of the rate of directors and supervisors’ awards of the divisible surplus has on the rates of return is remarkable and positive; however, the impact on the ratio of the company’s market value to book value and the annual rates of return on stocks is not notable. This result indicates that the higher the rate of directors and supervisors’ awards of the divisible surplus is, the better the operating performance of a company becomes.
（B）The influence of the rate of employees’ dividend of the surplus has on the operating performance.
The rate of employees’ dividend of book value has positive impact on the company’s operating performance, yet not great. If we convert it into rate of employees’ dividend of market value, the influence will be negative on rates of return and annual rates of return on stocks. The research indicates that the rate of employees’ dividend of market value has tighter connection than that of face value. The higher rate the employees’ dividend of surplus is, the better operating performance the company has.
（C）The influence of the issue of cash dividend and stock dividend has on operating performance.
In resent years, the enterprises tend to issue cash dividend to share with its employees the achievement of the operation performance. As far as the structure of the issue of employees’ dividend is concerned, the ratio of stock dividend of book value to employees’ dividend of total market value has obvious and positive impact on the market performance; however, it has negative yet not much impact on the investors’ rewards. In other words, the performance of an enterprise surely can be improved by the inspiring stock dividend. However, as the amount of stock divided increases, the investor’s equity also dilutes.
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